Market Update: Tacoma June 2018

This is our mid-year update on the Tacoma area housing market. As May numbers wrap up and June numbers begin to roll in, we’re seeing trends indicating a robust seller’s market. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at our Tacoma branch, 253-244-9696.

Median Sales Price

According to the NWMLS, the median sales price of single-family homes and condominiums for Pierce County for June 2018 (YTD) was $343,250, versus $299,950 in June 2017, a 14.4% increase in median sales prices this year so far. Homes are being purchased at or above list price consistently, rising to 101.9% on average for single-family homes compared to 100.8% over June 2017, an increase of .05%. Condominium sales are seeing similar above-list price sales, rising from 99.9% as of June 2017 to 100.8% as of June 2018.

Sales Trends

Tacoma’s single-family and condo market segments are experiencing a very strong seller’s advantage, and homes are being purchased very quickly. Pierce County’s closed home sales are up 3.38% over June 2017, and inventory picture is in keeping with many other markets across the country – current supply stands at 1.26 months, with average days on the market for single-family homes at 23 days, and condominiums at 24 days. The average days on market for single-family homes has decreased -14.8% over June 2017 and decreased -42.9% for condominiums over June 2017.

Foreclosure Trends

U.S. foreclosure activity in June 2018 has held steady at .05%, and the state’s foreclosure activity for June is at .02%, well below the national average. Tacoma’s foreclosure rates are slightly higher than the state’s average at .03%, but still trending below the national average.

Source: RealtyTracEdward Huletz, owner, and principal broker: “The Tacoma/Pierce County market is strongly favoring the seller. With homes being purchased at or above asking price, and the median days on market at only nine days, (the average was noted above at 23-24 days) selling assets is a solid decision right now. Our Tacoma office is seeing brisk business.”

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